Company insightArtificial intelligenceLetter located
Inference has overtaken training, and the flywheel runs on tokens
A compute vendor's case is a flywheel from agents to tokens to compute; the buyer's case is the return on that compute, and both have to be read together.
Semiconductor and data-centre coverage, technology investing, and any debate about AI capital spending.
From NVIDIA's fiscal 2026 letter from Jensen Huang · Jensen Huang